Montreal-based insurtech company expects further growth after raising $6 million in a series A round
After achieving impressive growth in the Canadian market, Montreal-based insurtech Emma expects to continue its momentum thanks to a fresh $6-million financing round, led by major Canadian investors Luge Capital, Investissement Québec, and Tactico.
Emma has grown by over 500% since joining the inaugural cohort of the Intuit Prosperity Accelerator a year ago, and it is now eager to help even more Canadian families receive the correct life insurance coverage.
It plans to use the funds to expand its insurance products to all Canadian provinces, double the size of its current workforce, and develop new products as part of its effort to disrupt the insurance market.
"It's no secret that the demand for truly modern life insurance products has skyrocketed in recent years," Emma's CEO and co-founder, Felix Deschatelets, said in a statement. "With seasoned investors, strong partners, and a talented team, we now have the means to fulfill our ambitions and become families' most loved insurance solution."
Emma develops its own insurance products because of a strategic agreement with insurance company Humania Assurance. While the company presently provides Canada's simplest and fastest life insurance, it also plans to expand its inclusion and accessibility with a number of other products.
Nicolas Moskiou, Humania's Executive Vice-President, weighed in: "We are proud to have supported this insurtech, which offers peace of mind to thousands of young Canadian families. It is with innovative partnerships like this one that the insurance industry can evolve."
"We love Emma's modern approach to insurance and so do their customers. Their growth and reviews convinced us that they are onto something big," said Luge Capital General Partner, David Nault, who highlighted the startup's vision and proximity with its clients as its key differentiators.
Thrilled that a modernized solution is available to Canadians, Liam Cheung, Tactico founder, added: "The life insurance industry has been in need of disruption as the inefficient processes have not evolved in the same way as other financial services."
"Investissement Québec is proud to support Emma in this round of financing, which will allow the company to pursue its growth,” said Guy LeBlanc, President and CEO of Investissement Québec. “This investment reflects our commitment to contribute to the development of promising young Québec companies in all regions by facilitating their access to capital and providing them with the assistance they need to achieve their objectives.”